But Michael Jackson fans with an agenda do lie. So once and for all, let's take a good hard look at the solid numbers from the Executors' Status Report, from June 26, 2009 - October 31, 2010. Please understand that this blog will only cover the the first status report from 6/09-10/10.
MJ fans that don't like John Branca claim:
Katherine Jackson and children will not profit from the sale of any Michael Jackson product. Michael's beneficiaries retain a set amount, and must go to court to ask for a larger allowance.
In part, this is true. Katherine and the children DO receive a set monthly allowance, according to Michael Jackson's trust/will. There are set court dates to allow for raises in monthly allowances, as did happen in January, 2010.
In another way, it is completely untrue to state that Katherine and the children will not profit from sales of Michael Jackson material. Even more egregious is the claim that the money that is made from the sales of Michael Jackson material goes directly into John Branca's pocket.
So let's take a look at exactly what the Estate paid for Katherine Jackson and the children, between 6/09 and 10/10, shall we?
Here is the allowance for the children:
Allowance for children: $1.2 million. (Incidentally, there are charges in this list for vacations, one listed on 6/22/10 for $48,939.31, another charge for vacation on 6/23/10 for $24,850.00 and another on 7/27/10 for $21,867.00.)
Here is the allowance for Katherine Jackson:
Allowance for Katherine Jackson: $317,000 (approximately)
Now, let's take a look at what else the Estate has paid for....
Hayvenhurst (where both Mrs. Jackson and Michael's children lived throughout this period). To be fair, Michael's condominium repairs are included in this figure, so we will deduct those fees, which are estimated at $150,000.
Repairs for Hayvenhurst and condo: $956,000 - $150,000 (condo repairs) = $800,000 Hayvenhurst repairs.
Utilities for Hayvenhurst and condo, however condo bill was only about $200.
Utilities for Hayvenhurst: $80,000.00
Other charges included security, $84,000, other repairs, $58,000, guardian ad litem $128,000, independent contracting at Hayvenhurst only $555,000, insurance $161,000, miscellaneous fees including DMV $113,000, mortgage interest expenses for Hayvenhurst $235,000 (approximate), and other expenses for a grand total of.....
$5,135,000. Five million, one hundred and thirty five thousand dollars. And that does NOT include:
Nearly $4 million dollars to pay off the mortgage for the Hayvenhurst compound.
Or $485,000 in loans made to Katherine Jackson.
Or the 2010 Escalade bought specifically for Mrs. Jackson.
Now, let's take a look at the numbers for the executors of the Estate, John Branca and John McClain. Nowhere in the document does it state that the executors were paid in 2009, and in fact, from this document, began being paid in February, 2010.
To be fair, there were business expenses that added up to approximately $1.2 million, but I know the haters will somehow twist that figure into something ugly, so I will settle for the executors' fees at approximately $18 million, or $9 million apiece, for the period of 6/09-10/10.
According to Forbes, "Jackson's estate took in $310 million from July, 2009 through December, 2010."
However, the status report states that approximately $48.5 million was made between November 1 and December 31, 2010. Therefore, if we subtract $48.5 million from $310 million, we arrive at the receipts made for the period of 6/09 through 10/10, and that amount is $261.5 million.
So, it looks like Branca and McClain are collecting much less than the standard executor fee for an Estate this size (although there really is no other estate to compare Jackson's to). Branca and McClain are receiving close to 3.5% of gross receipts, for a combined percentage of 7%.
Therefore, the argument that buying MJ's products goes directly to John Branca's pockets, including music, Cirque tickets, memorabilia, or anything else that is Estate approved is....
The argument that the children and Katherine will not benefit from revenue generated by the Estate is....
The argument that Katherine's and the children's monthly allowance will not be affected whether fans buy MJ's music, attend Cirque, etc. is....
The argument that Branca is somehow cheapening Michael's legacy by trying to keep him relevant and exposing him to new generations is....
you guessed it....INVALID.
Take a good look at those numbers in front of you in black and white. The numbers, quite simply DO NOT LIE.
Michael Jackson (3) Sunrise Colony (2) Sycamore Valley Ranch (2) William Bone (2) Al Malnik (1) Arnold Klein (1) Bruce Ayers (1) Charles Koppelman (1) Colony Capital (1) Conrad Murray (1) Dieter Wiesner (1) Eliza Jackson (1) Evan Chandler (1) John Branca (1) Jordan Chandler (1) Kingdom Entertainment (1) Los Olivos (1) MJJ Kingdom (1) Mark Schaffel (1) Modern Records (1) Neverland (1) Peter Lopez (1) Pine Grove Hospital (1) Randy Jackson (1) Randy and the Gypsys (1) Raymone Bain (1) Red Rock Country Club (1) Steveanna Jackson (1) Taunya Zilkie (1) Thomas Barrack (1) Tom Barrack (1)